You may have seen our blog late last year where we spoke about the future of accounting firms, which was one of the key areas of discussion at our international network conference in Rome. So, it was no surprise to see that in the Spotlight section of February’s Accountancy Ireland (Chartered Accountants monthly publication) there was a focus on Cloud Computing, Cyber Security and Tech Trends for 2018.

The same key ideas come up in these articles as did at our conference in October. Ideas and terms such as:

Cloud computing and big data

Artificial intelligence

Blockchain and the internet of things (IoT)

Change is never easy. While many would like to bury their head in the sand and hope change doesn’t happen, it is clear however that not only will change happen, it is happening. Our advice to business owners and leaders is to embrace this new technology. See how it can help drive your business forward by reducing costs, increasing sales or improving productivity.

A wide variety of articles and reports can be found covering the topics above in more detail. We will also be releasing some blogs on Blockchain over the coming months. While access to the articles noted above can be found on Chartered Accountants Ireland website.

If you found this article interesting, please share it with other businesses.

Posted on March 28, 2018 by Will Townsend

Overview

Blockchain is an operating system like Microsoft Windows or MacOS. Blockchain is a shared ledger that enables the process of recording transactions and tracking assets. These assets can be tangible items such as a house or intangible item such as copyrighting and patents. Blockchain can enable any item of value to be tracked and traded. Bitcoin is just one example of the many applications that can be run through this operating system.

Improving Efficiencies in the Business Network

The traditional method of recording transactions and tracking assets involved the participants of a network keeping their own ledger. This process was expensive as it needed the involvement of intermediaries, which in turn lead to fees being charged. Blockchain can alleviate this process as participants are able to share a ledger. Once the ledger is shared it can be updated through peer to peer replication. This means that each participant in the network acts as both publisher and a subscriber. Blockchain implements a consensus model to validate information, meaning transactions are secure and verifiable.

Key Characteristics of Blockchain

Consensus – All participants on the network must agree authenticity of the transactions.

Authentication – Participants must verify where the asset came from and track its ownership over time.

Unchangeable – Once a transaction has been recorded in a ledger it cannot be altered. If a transaction is posted in error; A new transaction must be posted to amend the error.

Completeness – The shared ledger is the one place to go to establish the ownership of an asset or the completion of a transaction.

What questions do you have?

We are happy to help. Please post your comment below or call Jack Gahan from Corporate Finance Team on 01 677 9000. Alternatively, send him an email: jgahan@cooneycarey.ie

How to decide on a package after considering points 1-4

It’s a good idea to shop around for advice. Consider seeking advice from a Chartered Accountant who understands your business and the capabilities of different software packages. Most accountants can advise businesses on what software to choose, but some accountant will be more experienced than others.

Good accounting packages can reduce the reliance you place on your own accountant, so ensure that the advice you get Read more